Lucid Group (NASDAQ:LCID) Hits New 12-Month Low – Here’s What Happened

Shares of Lucid Group, Inc. (NASDAQ:LCID) reached a new 52-week low on Wednesday . The stock traded as low as $9.50 and last traded at $9.73, with a volume of 10363432 shares trading hands. The stock had previously closed at $10.12.

Analyst Upgrades and Downgrades

A number of research analysts have commented on LCID shares. Robert W. Baird set a $14.00 target price on shares of Lucid Group in a research report on Tuesday, January 6th. Stifel Nicolaus cut their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a report on Monday, November 17th. Royal Bank Of Canada lowered their target price on Lucid Group from $20.00 to $14.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lucid Group in a research report on Monday, December 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $18.92.

Lucid Group Stock Down 3.9%

The company’s fifty day simple moving average is $12.11 and its 200-day simple moving average is $18.38. The firm has a market capitalization of $3.15 billion, a PE ratio of -0.91 and a beta of 0.89. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.81 and a quick ratio of 1.34.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.32) by ($0.33). Lucid Group had a negative return on equity of 85.13% and a negative net margin of 224.99%.The business had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. During the same period in the previous year, the business earned ($2.76) EPS. The firm’s revenue for the quarter was up 68.3% compared to the same quarter last year. On average, analysts forecast that Lucid Group, Inc. will post -1.25 EPS for the current year.

Hedge Funds Weigh In On Lucid Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Valeo Financial Advisors LLC increased its stake in Lucid Group by 9.7% in the second quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock valued at $25,000 after purchasing an additional 1,055 shares during the last quarter. Amalgamated Bank grew its position in shares of Lucid Group by 9.3% in the 2nd quarter. Amalgamated Bank now owns 55,350 shares of the company’s stock valued at $117,000 after buying an additional 4,720 shares during the last quarter. Heritage Wealth Advisors raised its stake in Lucid Group by 43.5% during the 2nd quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after acquiring an additional 5,000 shares in the last quarter. Brown Advisory Inc. lifted its position in Lucid Group by 47.5% in the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock valued at $33,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in Lucid Group by 13.8% in the second quarter. Envestnet Asset Management Inc. now owns 41,340 shares of the company’s stock valued at $87,000 after acquiring an additional 5,013 shares during the last quarter. 75.17% of the stock is owned by hedge funds and other institutional investors.

Lucid Group Company Profile

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.